HomeMy WebLinkAboutKIN1915-673 Raise sums for repairs of improvements of Public School propertythe:;
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Apylaw to raise by the issue of 4sbenture4 the epm Of One Thousand
t Dollars required for repairs or improvements of Public School property•
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WHEREAS t1v Board of Education of the Yorru of Einoardine require the A�.�il
rum of One thousand Dollars fir the purpose `of 7aakingfrapailer :im•
provemm is to Public School property in -said, Town and have applied to
Council of said Town 1br that amount,
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AND WHEREAS it is deemed ntosssary and expedient to raise the said
sum for the purposes aforesaid by Nay of loan on the credit of debentures
or tho Corporation or the town of Eincardins,
AND WHEREAS the sun of One thousand dollars is the amount of the
debt intended to be created by this by•law
AND R'RERBAS the amount of the whole rateable property of the
Municipality of the Town of- Kinoardine according to the last revised
assessment roll is the sum -of #739,138.00 (including #81 exempted
Property liable for school rates),
AID WHEREAS the amount -of the existing doienture debt of the said
Municipality is the sum or #86 of which no part of the prinDipai -or
inEerest is In arrear,
AND WHEREAS it is desirable that the principal of said debt ehould_tfe
Mable in five ysars,
5.9
3203`
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t AND WHEREAS it,will require the sum -of Fifty five dollars to;bs_ raised
3203`
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t AND WHEREAS it,will require the sum -of Fifty five dollars to;bs_ raised
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annually for ei•period of five yearq,the ourrenoy -of -the debenture to be
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issued under and by Tutus H of this bylaw,to pay thsinterest of the ssid`dsbl
e
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be created by this by- law,euch last GUm being surfioient,wlththe eetimatsd i
interest on the investment thereof,to diechar`ge the said debt when same'
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becomes payable,mabing in all the Gum of Two hundred and forty three dol-
si
lare and thirty five cents to be raised annually as aforesaid,
al
THEREFORE the Municipal Council of the'lown of a inoardins enacts
as followsy+
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t AND WHEREAS it,will require the sum -of Fifty five dollars to;bs_ raised
e
annually for ei•period of five yearq,the ourrenoy -of -the debenture to be
- s
issued under and by Tutus H of this bylaw,to pay thsinterest of the ssid`dsbl
e
and the Gum of One hundred and eighty eight dollars and thirty five cents,i�
to be raised' annually during t he said period for 'the payment of the debt= to"
aj
be created by this by- law,euch last GUm being surfioient,wlththe eetimatsd i
interest on the investment thereof,to diechar`ge the said debt when same'
E,
becomes payable,mabing in all the Gum of Two hundred and forty three dol-
si
lare and thirty five cents to be raised annually as aforesaid,
al
THEREFORE the Municipal Council of the'lown of a inoardins enacts
as followsy+
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To
1. It shall be lawful for the Mayor of the Town of Xinoardine and he is
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hereby authorized and instructed for the purposes aforesaid to borrow the'
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- Sum of One Thousand dollars from an Y person or persons or Corporation
issue debentures of said Corporation for said amount,
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$• The said debentures shall be made payable at the branch of the
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Merchants Barilt of, Cansda,Kinoardine,on the First day of 4vuber,A.D.19800
;and shall bear interest at the rate of rive and one halt per cent parable'
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&Mnually and shall have coupons attached for such interest,whieh coupon@
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shall be payable annually durinj said term on the Hirst day Of November at
i d Bank,
�- The said debentures and coupons shall be sinned by the Mayor and
f .
=reasaesr of said Corporation and the Clork'ehsll attach the Corporate sesl
°r
W debentures. -
�•_: She proceeds or the sale of said debentures shall be applied in
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ayment for said School purposes or in payment o! any temporary loan or
_ -
oms obtained therefor - and for no other -
x purpose.
• _t`During tie term of live leery the currency of the dsbenturss..to be
-- _y - . ... .- - - •. -_ -. - ._._- .__ -_.__. .__ _._...'
, @ 40- under this *- law,the sum of Nifty five dollars shall be raised
=ualiy for the' payment of interest on said debentures and also the sum c!___'
%W Awndrod and eighty sight dollars and thirty tive�aents 4ball be raised
WuWlytor the
—_ - __ payment Of ' _the dab t. _Mking,in all the is of Two HundrSd _
_ 3244
and forty mhrse dollars seid. thirty rive eon to be raleed' =annually
aforesaid,and said_intsrest shall be paid annually - and the balenos of'ths
said levy: shall be paid annually into a'$pooial soaount In a chartered bank
Y is
In Xinoardine and form.& sinking fund to asst said debentures at maturity
and shall used for no other purpose'or purposes. ,
-,
e: A upsolal rats is hereby imposed upon all the rateable --
_ pr�rty in =-
maid Town of Xinoardins liable to pay public School rates over anUabbv
all ot her rates andtaxes,vhioh'spacial rate shall be sufficient to produoe_
I t ach dear . the said sem of Two hundred and 'forty three dollars and''thirty
five cents,and shall be annually inserted in the Collect6rr4 roll for said
Town of Xinoardine in each year for the next succeeding five year$ and
shall be payable to and coilsoted by the Collector in the same way as at_hsr
"rates and tax" on the said roll.
This by-law shall come into operation andtake effect.on' the day of '
the pansIng thereof.
Dated and pasoed in open Council this d of
September A. D. 1413.
I Clirk t mayor,
I say, • ?� !'i�* - 4
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